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Photo by Chip Somodevilla/Getty Images

President Trump unexpectedly raised the infrastructure ante in his State of the Union address last night:

I am calling on the Congress to produce a bill that generates at least $1.5 trillion for the new infrastructure investment we need. Every Federal dollar should be leveraged by partnering with State and local governments and, where appropriate, tapping into private sector investment.

Bottom line: This totally changes the math, which already was questionable under assumptions of a $1 trillion plan based on a $200 billion federal outlay.

Even if you include new revenue from things like interstate toll-roads and assume increased velocity in private equity infrastructure fundraising, this reads like the White House wants more from a Congress that already would have struggled to cough up the smaller amount.

  • The Blackstone Group, a private equity giant led by former Trump economic advisor Steve Schwarzman, last May said it would raise a $40 billion infrastructure fund that included a $20 billion matching commitment from Saudi Arabia. Then Bloomberg reported in October that it was seeking $10 billion in non-Saudi commitments for its first close.
  • But a January document from the Pennsylvania Public School Employees’ Retirement Board, which is committing $500 million, shows that first close target now is just $7.5 billion.
  • In other words, Blackstone would be starting with around $15 billion rather than $40 billion.

The Pennsylvania report also states:

The McKinsey Global Institute estimates that $3.3 trillion per year will be required globally to modernize existing assets and develop new infrastructure. In the U.S., the American Society of Civil Engineers estimates an approximately $2 trillion funding gap in U.S. infrastructure spending over the next 10 years. "

Go deeper

Updated 5 hours ago - Sports

Olympics dashboard

Silver medalist Lilly King of Team USA (left) embraces gold medalist Tatjana Schoenmaker of Team South Africa on the podium during the medal ceremony for the Women's 200m breaststroke final on July 30. Photo: Clive Rose/Getty Images

🥇 : U.S. gymnast Suni Lee wins gold in the women's individual all-around

🚣‍♀️: Team USA women's eight rowing fails to reach the podium

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏊: Olympic swimmer Ryan Murphy wins Silver in 200m

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage

Former Michigan Sen. Carl Levin dies at 87

Sen. Carl Levin (D-MI) in 2014. He died Thursday. Photo: Win McNamee/Getty Images

Former U.S. Sen. Carl Levin (D-Mich.) died Thursday, his family and the Levin Center at Wayne Law — which bore his name — confirmed. He was 87.

Why it matters: The Detroit native served for 36 years in the U.S. Senate, serving twice as chairman of the Armed Services Committee and is credited with helping overturn the military's “Don’t Ask, Don’t Tell” rule.

Updated 6 hours ago - Politics & Policy

Military members will be included in Biden's new COVID guidance

Joe Biden. Photo: Anna Moneymaker/Getty Images

Members of the military will be required to get vaccinations or face regular testing, social distancing, mask mandates and restrictions on travel for work, the the Pentagon said on Thursday evening.

Why it matters: The policy was announced for federal workers and onsite contractors earlier on Thursday, part of several new Biden initiatives to get more Americans vaccinated and slow the spread of the Delta variant.